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Textile & apparel goods lead Vietnamese exports
06
Jul '10
After witnessing an aggregate growth of 30 percent in recent times, Vietnam has now become the 10th biggest textile and apparel exporters around the world, totaling for 2.7 percent of the international market.

Textiles and apparels industry are now leaders amongst key export goods of Vietnam, with an export turnover of US$ 4.8 billion in the first two quarters of 2010, which has gone up by 17 percent as against last year and it is also $1.4 billion over crude oil exports.

With US being Vietnam's biggest market, with a growth rate of 15 percent, falling second line is Japan with 10 percent. Following these are the new markets such as the Republic of Korea, ASEAN nations and Taiwan.

Vietnam's textile and apparel goods are second in line after China, within the US and Japanese markets. More so, Vietnamese businesses also have orders to be met with till the end of the year.

As per Chairman of the Vietnam Textile and Apparel Association, Le Quoc An, the chances of businesses meeting their targets and thereby, earn $10.5 billion, by the end of this year, seems quite possible.

But yet, the sector is faced with several problems, which are a result of the volatility of the financial market, workforce and raw material prices. Dearth in workforce is one of the key problems, which has been pressurizing the textile and apparel businesses.

Dearth in workforce has also threatened firms such as Nha Be Garment Company. According to Nguyen Ngoc Lan, member of Nha Be, despite having inked deals to export goods through the first quarters of 2011, dearth in workforce worries them.

Improving the productivity and surging labourer's salaries is the best way to ensure labourers remain within the firm for production of goods.

More so, the domestic apparel segment depends too much on imported materials. The segment's exports were valued at $4.8 billion in the first half of this year, but its purchase of raw materials amounted to $3.7 billion within the first five months, which had gone up by 33.5 percent as against last year.

But the apparel segment is struggling to manufacture more materials locally to ensure constant growth. Vietnam National Textile and Garment Group (Vinatex) is also intending to invest over VND 1,400 billion for developing a higher added-value for home-based goods.

Further more, to encourage local and international businesses to invest in manufacturing garments and textile materials, four apparel and dye centres will be set up in Ninh Binh, Long An, Tra Vinh and Nam Dinh provinces.

Fibre2Fashion News Desk - India

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